Are you seeing specific pages instantly lose conversion, or is it a site wide estimation?
If it's a site wide issue, then I would take a look at the individual landing pages.
If you are targeting the right terms, my thought would be to start working on conversion testing. Here are a few thoughts:
- How aggressive is the marketing funnel? Is there re-targeting, shopping cart abandonment follow ups, etc.
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Start surveying customers to find out why they are not buying
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Proactive live chat
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Is the call to action correct? Pricing? Value Added Benefits?
If it's just one specific page that all the sudden magically seems like it lost the conversion once you started plowing traffic to it...Then, I would start to try and figure out "what is the difference between the keywords"? There must be a different customer intent, or a different type of customer coming to the page if it all of a sudden starts tanking.